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August 25, 2020

Technical View on Our Top Pairs This Week

Frank Cabibi
AUDBearish
NZDBullish
USDBullish
GoldBullish

AUD/NZD

Candles look like they're creating a wedge on the 4H chart. Signs show that the next few candles want to come up to test the falling trend line. 14-Day RSI hit all the way up to 83 before coming down last week, and it seems like the downtrend is likely to continue with the lower highs and lows that have been showing up on this time frame.

USD/JPY

UJ on the daily taking the opposite approach of AUDNZD as higher highs are created. The long term downtrend may show that the 200 day moving average will contribute to some considerable resistance. It may also respect that falling trend line starting from March earlier this year. USD did see a rally today, so we are thinking that the movement is going to continue for now.

Gold

Gold on the 4H chart looks to be coming back down to support in the low 1900s with that 200 period moving average which price has been respecting thus far. Gold on its way to make a third test of the moving average, so a critical direction point is going to be decided soon. 14-Day RSI (not the RSI shown on the chart above) came down to 50 since new highs suggesting that price could move in either direction now.


Disclaimer:

Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.

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